[Spanktron9]

Mervyn's files for bankruptcy

Bennigan's too...
I think we are going to see a drumbeat of retailers folding over the next few quarters, goodbye discretionary income.

[Farknight]

$this->bbcode_second_pass_quote('', 'M')ervyn's files for bankruptcy Bennigan's too...
I think we are going to see a drumbeat of retailers folding over the next few quarters, goodbye discretionary income.

[Spanktron9]

CNBC just announced that Boscov's filed Chapter 11 and even more important IMHO, WCI (Largest luxury home and condo builder in the US) also filed for Chapter 11.

[StuckInPhilly]

This is great information and a great thread.

I was just thinking that the retail biz around here seems to be doing pretty well (except Linens 'n' Things) until Boscovs was mentioned.

Things are hitting a little harder than I thought.

[bromius]

There is still a lot of redundancy in the system. For examples, Boscovs may be toast, but there are still plenty of other department stores out there. Not a problem for shoppers then, but the employees are in a tough spot.

There are some stores I would actually like to see close. For example, Rite Aid. A few blocks from me there are two, across the street from one another, since Eckerds was bought out. Both continue to remain open. What the hell?! These people deserve to lose money and go out of business. Furthermore, if these stores had been spaced farther apart, it would have reduced the distance needed to travel there for more people. You have to love short term thinking eh?

[heartandseoul]

My husband has worked for 26 years as a full-time reporter for a major metropolitan daily newspaper. We just got the memo today that has taken the wind out of our sails.

Due to the economy, the company is asking a substantial number of employees to "volunteer for severence pay."

If they do not get the needed number of volunteers, "and/or the economy worsens," they will be seriously considering layoffs. This company's history is to let the senior reporters go and keep the cheaper labor to cover the news.

At this time, I just can't make my heart stop pounding. Over the last several months we have been working hard to prepare for P.O. And I guess I figured the news will continue and my husband's job would be, relatively speaking, safe.
I'm just trying to fend off this overwhelming terror right now so we can come up with a backup plan.

It's not a store closing but I can't imagine this is the only newspaper that is struggling.

[burtonridr]

These all closed last week

Shamrock Coffee House
Cinnabar Coffee House
Shangrila mongolian grille
Little ol shop

[ReverseEngineer]

What I am having trouble with right now is lagging statistics.

I observe stores closing. I read in the news about entire chains closing their doors. I read about Investment Banking firms laying off thousands of financial services workers to try to keep their balance sheets in order.

Somehow however through all of this the Unemployment Rate is only up to 5.7%? Are these folks just losing their jobs and not applying for benefits? What?

We live in what is basically a service economy, but about all services are shrinking quickly. Restaurants, Malls, Department Stores, Newspapers, every last one reports closures and layoffs, but somehow the Unemployment figure is only 5.7%? These folks are finding other jobs? Doing WHAT?

OK, I will buy that the Labor Dept is fudging figures much like the Consumer Price Indexed is fudged to make it all seem "normal", but at what point do all the unemployed Mall Workers actaully APPEAR, either in the stats or in the streets? How long does it take before the newspapers report that there are a ton of folks out there without jobs? Or maybe the newspapers can't report it because their reporters are layed off and they just dish out stories from government propagandists?

Reverse Engineer

[FoolYap]

$this->bbcode_second_pass_quote('ReverseEngineer', 'S')omehow however through all of this the Unemployment Rate is only up to 5.7%? Are these folks just losing their jobs and not applying for benefits? What?

[r101958]

Look at Shadow Government Stats sites if you really want to know what is going on with these stats and why they seem to be off.
link

[Serial_Worrier]

BTW, just because a person is "employed", doesn't mean they like their job. Chances are, underpaid, overworked doing a lousy crappy job. Think:
ditch digging
shoveling crap
janitorial
slaughterhouse
mindless office drone
Walmart Greeter

keep adding to the list doomers!

[Roy]

[burtonridr]

satchels in downtown boise set to close next week.

$this->bbcode_second_pass_quote('GASMON', 'W')hat about store openings?? Took the family for a day out to Liverpool yesterday, by train as its convenient (and you dont get your wheels nicked !!).

Went to the brilliant free city museum, then had a look at the new multi billion pound shopping centre, Liverpool One. Most stores open, rest being fitted out. Manic building activity there. A superbly designed one too, with green open space. Plenty of people carrying bags, so obviously shopping. Liverpool is supposed to be a down and out city, according to many. It isnt, just go & see. No recession in Liverpool just yet.

[burtonridr]

Oh and Mervyns will close 26 stores before the holidays

boise cascade set to close 40 stores(office max) nationwide....

[MadScientist]

link

nice chart and article.

[lys3rg0]

Things are absolutely crazy here in Romania. All of Europe is in recession, but we're up 6-7%. Growth FTW The last spike in gas prices saw 100.000 drivers in neghboring Bulgaria (similar economic situation, recent EU joiner just like us) leave their cars at home and use the bus or bike. Here, it's like we didn't even notice, nobody cares about the prices. In the poorest biggish city of the country (pop. 300k+), the oldest of 2 local malls is undergoing an expansion so they can fit some more luxury brands (Armani, D&G, Bvlgari). The commercials are purely flabbergasting: "No more trips to Milano for your shopping, the real brands are coming here". The mentality is below bacteria level, nobody here understands much of capitalism. I can't wait for the crash, the shock to the rich spoiled brats here will be on par with the 1929 window jumpers.

[burtonridr]

Mortimers closed
8th st wine company closed

[burtonridr]

12th st postal annex closed